The Reno Commercial Real Estate Market

Shanti Ryle

May 6, 2025

A sign over a street that says "Reno, the biggest little city in the world"

Tucked between the Sierra Nevada and the high desert, Reno, NV, has transformed from a casino-driven tourist hub into one of the West’s most dynamic and fast-growing metros. With its strategic location, business-friendly environment, and rising demand for commercial space, "The Biggest Little City in the World” has caught the attention of investors, developers, and companies seeking long-term opportunity. From logistics and tech to retail and e-commerce, the market continues to evolve, backed by a strong local economy and quality of life that attracts talent and capital alike.

Crexi connects interested buyers and tenants with detailed market research, a vast commercial real estate listing inventory, and easy access to Reno brokers. Proudly serving Reno, Tahoe, Carson City, Washoe City, and the entirety of the Reno-Sparks MSA, Crexi is proud to be the region’s fastest-growing digital commercial real estate marketplace.

A view of downtown Reno Nevada at sunset

The State of Reno Commercial Real Estate

Reno’s commercial real estate market is evolving alongside the city itself. Once known primarily for its gaming and tourism industries, the region has grown into a diverse economic hub, drawing interest from businesses, investors, and developers alike. As remote work continues to reshape where people choose to live and work in 2025, Reno stands out for its affordability, access to outdoor fun, and business-friendly tax environment, making it especially appealing for Bay Area transplants and relocating companies.

The city’s strategic location near major West Coast markets has also cemented its role as a rising logistics and industrial player, with continued development in warehousing, distribution, and advanced manufacturing. As demand rises and infrastructure expands, Reno is positioning itself as a dynamic and competitive force in the Western U.S. commercial real estate landscape.

Reno Regional Breakdown

Reno’s metro area keeps drawing people in - and it’s easy to see why. With steady growth and a dynamic and diverse population, the region offers a great balance of opportunity and quality of life. Income levels are on the rise, and the area’s economic momentum continues to attract both residents and businesses. As the city grows, so does the demand for commercial space, making Reno an increasingly attractive spot for real estate investment and business expansion.

Reno is home to over 564,000 in the metropolitan area.
Washoe County, where Reno is located, has seen its population soar by more than 20% since 2010.
The median age is 39.7, about the same figure as in the US.
Nearly 30% of the residents are between 20 and 39.
Per capita income in the Reno metro area is $46,779 and median household income is $83,779, both figures about 10% higher than the average income numbers in the US.

A daytime view of the Reno welcome sign surrounded by greenery

Reno Job Market

Reno’s job market continues to evolve in 2025, fueled by impressive GDP growth, a tech-forward industrial base, and a wave of investment in logistics, energy, and advanced manufacturing. The region has become a magnet for high-growth sectors, with companies like Tesla, Panasonic, and Switch anchoring a broader economic transformation.

Beyond big names, a strong mix of employers in healthcare and education keeps the local economy diverse and resilient. With a highly educated workforce and a growing reputation as a Western hub for innovation and connectivity, Reno is well-positioned for sustained employment growth in the years ahead.

Reno's GDP surpassed $43 billion in 2023, increasing by more than 47% since 2017, according to the St. Louis Federal Reserve.
Rapidly growing industry sectors include technology, trade, transportation, and utilities.
The unemployment rate in the Reno metro area is 4.8% as of February 2025, based on the most recent report from the Bureau of Labor Statistics (BLS).
Key industries in the Reno-Sparks-Tahoe area include technology, advanced manufacturing, distribution and logistics, e-commerce, renewable energy, financial services, and aerospace and defense.
Tesla has established a significant presence in the region with its 5.4 million square foot Gigafactory, one of the world's most advanced automotive factories.
Panasonic and Arrow Electronics operate in the region, both essential e-commerce players.
Reno's industrial market is home to Switch TAHOE RENO, the world's largest colocation facility, emphasizing the region's technological advancements.
Renown Health, Peppermill Inc., Nugget Casino Resort, St. Mary’s Regional Medical Center, University of Nevada at Reno, IGT, and Legacy Supply Chain Services are among the top employers in Washoe County.
The metro area is home to prominent higher education institutions, including the University of Nevada, Reno - the state's oldest university, Truckee Meadows Community College, and Western Nevada College.
Nearly 34% of residents hold a bachelor’s degree, while 12% hold a post-graduate degree.
Reno's transportation infrastructure includes the Reno-Tahoe International Airport (RNO), major highways like Interstate 80 and U.S. Route 395, and a significant rail corridor linking the Port of Oakland to inland destinations, making it a well-connected metropolitan hub.

Several downtown Reno buildings with a mural painted on one

Reno Industrial Market

Reno’s industrial market entered 2025 with renewed momentum, posting over a million square feet of positive absorption in Q1 alone. While overall vacancy remains elevated due to last year’s surge in new supply, leasing activity is on the rise - especially for large-scale sublease spaces that offer speed, savings, and built-in infrastructure.

Major deals across key submarkets like Storey County and North Valleys reflect tenant interest in flexible, ready-to-occupy space. With nearly 2 million square feet still under construction, the region’s industrial pipeline remains active, signaling continued confidence in Reno’s strategic location and growth potential.

Market overview (Cushman & Wakefield Q1 2025)

Inventory: 117,785,634 SF
Vacancy rate: 11.4%
Absorption: 1,073,460 SF (YTD)
Key leases by tenant: Confidential tenant (815,000 SF), American Paper Bag (405,213 SF), Uline (286,487 SF)
Under construction: 1.95 million SF
Largest submarkets: Sparks, North Valleys, Storey County

Crexi Insights

These are the most recent industrial lease and sales trends from Crexi Insights (as of April 2025):

For Lease (active)

Asking rate/SqFt (median): $12 per year
Median SqFt/listing: 10,400
Days on market: 268
Total listings on Crexi: 53 spaces

For Sale (active)

Median asking price: $3.5 million
Price/SqFt: $192
Asking cap rate: 5.4%
Days on market: 156
Total listings on Crexi: 15

Sales Comps (past 12 months)

Median sold price: $1.64 million
Sold price/SqFt: $257
Total sales volume: $98.8 million
Median SqFt sold/transaction: 4,945
Total SqFt sold: 386,200
Days on market (median): 163

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A view of downtown office buildings in Reno Nevada from a low angle

Reno Office Market

Reno’s office market started 2025 with signs of cautious optimism, as vacancy held steady and leasing activity picked up across several key submarkets. Demand is staying especially strong for well-located Class A spaces, driving modest absorption gains and supporting healthy rental growth in areas like Meadowood and Downtown.

While some tenants continue to rightsize or pursue short-term renewals, the overall market is showing resilience amid shifting workplace dynamics. With only a small amount of new construction underway, steady demand and limited supply may help keep conditions relatively balanced in the near future.

Market overview (Cushman & Wakefield Q1 2025)

Inventory: 10,394,756 SF
Vacancy rate: 10.7%
Absorption: 86,191 SF (YTD)
Key leases by tenant: Advanced TRT Clinic (13,345 SF), Alliance Trust Company (9,300 SF), Crtl Iq, Inc. (6,884 SF)
Under construction: 20,000 SF
Largest submarkets: Downtown. Meadowood, South Meadows

Crexi Insights

For the most recent insights into Reno's office market, Crexi Insights is your go-to resource. Here is comprehensive coverage of leasing trends, sale listings, and comparable data as of April 2025.

For Lease (active)

Asking rate/SqFt (median): $21 per year
Median SqFt/listing: 1,423 SF
Days on market: 162
Total listings on Crexi: 319 spaces

For Sale (active)

Median asking price: $2.5 million
Price/SqFt: $277
Asking cap rate: 6.7%
Days on market: 205
Total listings on Crexi: 36

Sales Comps (past 12 months)

Median sold price: $1.3 million
Sold price/SqFt: $340
Total sales volume: $39.3 million
Median SqFt sold/transaction: 3,846 SF

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Nightlife signs and buildings in Reno, Nevada's retail downtown sector

Reno Retail Market

Reno’s retail market continues to show its staying power, even with a few bumps at the end of 2024. While net absorption dipped, demand from national brands helped keep activity moving, especially in high-traffic submarkets. With limited new construction and a tight supply of quality space, competition remains strong among retailers looking to get a foothold in the region.

Going forward, steady consumer demand and low vacancy are setting the stage for a stable, if not slightly competitive, retail landscape.

Market overview (Colliers Q4 2024)

Inventory: 18,751,273 SF
Vacancy rate: 4.5%
Absorption: -122,501 SF (Q4 2024)
Deliveries: 0 SF (Q4 2024)
Key leases by tenant: Planet Fitness (23,700 SF), Birdeez (23,100 SF), Chuck E. Cheese (13,000 SF)
Largest submarkets: Sparks, Central/Airport, Meadowood, South Reno

Crexi Insights

Retail lease and sales trends from Crexi Insights (as of April 2025):

For Lease (active)

Asking rate/SqFt (median): $21 per year
Median SqFt/listing: 1,957 SF
Days on market: 225
Total listings on Crexi: 122 spaces

For Sale (active)

Median asking price: $2.5 million
Price/SqFt: $275
Asking cap rate: 6.8%
Days on market: 166
Total listings on Crexi: 31

Sales Comps (past 12 months)

Median sold price: $1.6 million
Sold price/SqFt: $287
Total sales volume: $15.5 million
Median SqFt sold/transaction: 5,237 SF
Days on market (median): 110

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Reno's hot air balloon festival with balloons lifting a carriage into the air

Reno Multifamily Market

Reno’s multifamily market is off to a solid start in 2025, with low vacancy rates, steady rent growth, and continued interest from both renters and investors. New apartment deliveries are being met with consistent demand, particularly in high-growth areas like West Sparks and Northwest Reno. While elevated interest rates have slowed overall sales activity, strong fundamentals - like rising rents and healthy absorption - are keeping the market stable.

With more units under construction and renters showing no signs of slowing down, the region’s multifamily sector continues to show long-term promise.